Today’s report from the Bureau of Labor Statistics showed that the economy added 171,000 jobs last month, beating analysts’ expectations. The private sector added 184,000 jobs (offset by some public sector losses), making this the 32nd consecutive month that the private sector has grown.
Overall, even accounting for the horrific month for jobs that was January 2009, the private sector has added 759,000 jobs overall under Obama. At this same point in the George W. Bush administration — October 2004 — the private sector had lost more than 1 million jobs. This chart shows the difference:
During the entirety of the Bush administration, the private sector ended up losing nearly 650,000 jobs.
The only reason that the unemployment rate did not spike during Bush’s first term is that the public sector so derided by conservatives was rapidly adding jobs. If the public sector had added jobs at the historical pace under Obama, rather than hemorrhaging hundreds of thousands of jobs, the unemployment rate would be under 7 percent today.
Data compiled by Jane Farrell.